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Wednesday, 24 October 1973
Page: 2583

Mr SNEDDEN (BRUCE, VICTORIA) - My question is directed to the Treasurer. Did cash subscriptions to the October loan amount to $266m? Was that amount $100m less than was raised in the July loan and more than $60m less than the cash subscriptions to the 1972 November loan? Were redemptions from the conversion loan the highest in recent history? Have the Government's financial transactions resulted in a .record $988m deficit in the September quarter of this financial year? If interest rates have peaked, as he said this morning, how does the Government intend to mop up excess liquidity in the economy?

Mr CREAN - I issued a statement yesterday disclosing full details of the loan. The Leader of the Opposition wants to deal with one loan at a time, but I ask him to add what was subscribed in the May loan, the July loan and the recent loan and compare the total with what was subscribed in any other 4 to 5 months period. I find astonishing the questions that are asked by the Leader of the Opposition, a former Treasurer. I regard this loan as eminently successful in the circumstances. Nearly half of the $260m-odd was taken at the long end, not long after we had filled the highest loan on record in July. Another interesting feature was that, taking small savers, what are called special bonds were the most successful on record. It is a pity that those sorts of things are not advertised in the Press more than they are. I regard the loan as successful. The sort of comparisons that the Leader of the Opposition is asking me to make are futile.

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